How Much Money Do You Need to Be Part of the 1% in the Philippines?
The term “one percent” is not always considered a compliment, especially in today’s society, where poverty and income equality are rampant. It’s a term used sometimes in derision and, at other times, admiration and envy.
Just who exactly falls into the one percent category? Surprisingly enough, the wealthy have their own way of defining wealth, and the one percent actually doesn’t include the ultra-high-net-worth individuals. That title belongs to the 0.1 percent.
But just how much does a Filipino have to have to be considered among the one percent in Philippine society? According to The Intelligence Lab at Knight Frank, in the Philippines, you’d need $60,000 or P2.9 million in the bank to be considered among the one percent.
That’s the same amount required in Indonesia and India to be considered in the upper echelon of the economic ladder. In retrospect, P3 million is not a big figure. It’s an achievable amount for the growing middle class, but it sheds light on the fact that 99 percent of Filipinos are unlikely to earn that figure in their lifetime as poverty, poor minimum wage, and income inequality are still problems we face.
As for the rest of the world, how much do you need to earn to be part of high-flying society in other countries? In China, home to most of Asia’s billionaires, you’d need $850,000 (P41.3 million), while in Singapore, you’d need $2.9 million (P141 million). But neither hold a candle to Monaco and Switzerland where one-percenters each have a net worth of more than $7.9 million (P348 million) and $5.1 million (P247.9 million), respectively. Monaco and Switzerland both beat the U.S., the country with the most billionaires in the world. This could be attributed to the wide range of wealth that makes up the one percent in the U.S., which is in contrast to Monaco, home to the world’s densest population of the super-rich.
But that’s still nothing compared to the 0.1 percent.